Bidding Wars: Low Inventory Benefits Sellers
If you're contemplating whether now is the right time to sell your house, here's some valuable information to consider. The current housing market presents a significant advantage due to the limited availability of homes. This situation works in your favor because there are more prospective buyers than there are houses for sale. With the scarcity of homes on the market, buyers have fewer options, increasing the likelihood of attracting a larger pool of interested parties to your property.
Industry experts have shared their insights on why selling now can be beneficial. Here's what they have to say:
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):"The inventory levels remain at historically low levels, leading to multiple offers on a substantial number of properties."
Selma Hepp, Chief Economist at CoreLogic:"We haven't observed the typical increase in new listings from current homeowners, which means the housing shortage will continue to intensify market competition and put pressure on prices in most regions. Some markets are already experiencing significant heat, although the price premiums seen last spring and summer are unlikely to repeat."
Clare Trapasso, Executive News Editor at Realtor.com:"Well-priced, move-in ready homes with attractive exteriors in desirable areas are still receiving multiple offers and selling above the asking price in many parts of the country."
Jeff Tucker, Senior Economist at Zillow:"...sellers who appropriately price and market their homes should have no trouble finding buyers."
In conclusion, if you're considering selling your house, it's wise to connect with a real estate advisor who can provide expert insights tailored to your situation. They will help you make the best possible decision in the current market conditions.